Meanwhile, the EU continues to consider sanctions specifically against Iranian oil. EU foreign ministers will meet again on January 30th to try again to formalise an agreement.

When imposed, those sanctions will cause huge difficulties for Greece, because Iran is the only major oil exporter still willing to offer Greece credit. Greece will need to be plied with promises of support and energy supply before it will agree. Some of those promises will not be kept, because when the time for payment comes, countries that made the promises will be in such financial straits they will be struggling to pay their own energy bills.